Ant Group, an affiliate of Alibaba, has given the first look at its financials ahead of its highly-anticipated initial public offering, in a filing today, CNBC's Arjun Kharpal and Ryan Browne, report.

The financial technology powerhouse, controled by Alibaba founder Jack Ma Yun, reported profit of 21.9 billion yuan (US$3.2 billion) on total revenues of 72.5 billion yuan in the first half of the year, according to the exchange filing.

That represented a more than 1,000 percent jump in profits from the same period a year ago, when the company raked in 1.9 billion yuan. Revenues were also up significantly, climbing about 38 percent from the 52.5 billion yuan the firm made in the first half of 2019.

Ant Group, formerly known as Ant Financial, is planning a concurrent listing on the Shanghai stock exchange’s Star market, and the Hong Kong stock exchange.

The company has not yet disclosed details about the pricing of its shares.

But one analyst previously told CNBC that its market valuation could be north of US$200 billion, making it larger than some of America’s biggest banks.

Ant Group runs the Alipay mobile payments app in China, which, according to the company’s filing today, has more than 1 billion annual active users and processed 118 trillion yuan in transactions in mainland China in the 12 months ended June 30.

The platform also has an international presence, with annual transaction volume of 622 billion in markets outside China.

But the company also offers financial products beyond that, including wealth management, loans to businesses and insurance. More recently, Ant has pivoted to focus on what it calls technology services — financial technology products that it can sell to enterprise customers for a fee.

Ant said that geopolitical tensions between the United States and China could “negatively affect” its business.

Ant Group says Alipay mobile payments app in China, has more than 1 billion annual active users.

Ant Group files to go public in HK and Shanghai, reports US$3.2b half-year profit